The Nifty which started with a gap down on Friday recouped most of its intraday losses and closed above its crucial level of 10,800 for the fourth straight day in a row. It formed a Hammer like candle on the daily candlestick charts.
The index formed a Hammer like pattern for the second consecutive day in a row which indicates that the decline was bought into. The index bounced near its 13-EMA to close above its 5-EMA placed 10,808.
Investors are advised to remain cautious and await for a breakout or a breakdown before initiating fresh positions. A close above 10,930 would result in a breakout while a break below Friday’s low of 10,755 could bring back bears on D-Street.
According to Pivot charts, its key support is placed at 10,770.73, followed by 10,723.77. If the index starts moving upward, key resistance levels to watch out are 10,849.33 and 10,880.97.
The Nifty Bank index closed at 26,417.4. Important pivot level, which will act as a crucial support for the index, is placed at 26,312.74, followed by 26,208.07. Key resistance levels are placed at 26,554.24, followed by 26,691.07.
In an interview to CNBC-TV18, top market experts recommends stock trading ideas which can give good returns in the near term:
Sudarshan Sukhani of s2analytics.com
Buy Asian Paints with stop loss at Rs 1265 and target of Rs 1325
Buy Hero MotoCorp with stop loss at Rs 3650 and target of Rs 3740
Buy Hindustan Unilever with stop loss at Rs 1600 and target of Rs 1660
Sell India Cements with stop loss at Rs 117 and target of Rs 110
Sell NBCC with stop loss at Rs 87 and target of Rs 81
Mitessh Thakkar of Mitesshthakkar.com
Buy Apollo Hospitals around Rs 1025-1028 with stop loss of Rs 1005 and target of Rs 1062
Sell Tata Power Company with a stop loss of Rs 77.25 and target of Rs 73
Sell Apollo Tyres with a stop loss of Rs 273.5 and target of Rs 256
Buy Balrampur Chini above Rs 75 with stop loss of Rs 73 and target of Rs 81
Sell Bank of India with a stop loss of Rs 100.5 and target of Rs 93
Prakash Gaba of prakashgaba.com
Buy Apollo Hospitals with target at Rs 1060 and stop loss at Rs 1020
Buy Power Grid with target at Rs 205 and stop loss at Rs 198
Sell Indian Oil Corporation with target at Rs 163 and stop loss at Rs 170
Sell Karnataka Bank with target at Rs 116 and stop loss at Rs 120
Buy Century Textiles with target at Rs 1310 and stop loss at Rs 1260
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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